It is no news
that Nigeria currently faces the worst currency crises in its history.
Since the inception of the administration of President Muhammadu Buhari,
a number of conflicting and unclear monetary policies have been
implemented that have greatly eroded the value of the Naira and
exacerbated the current economic crises.
These policies have been implemented
against the backdrop of the lofty and commendable ideal to spur local
production and consumption of goods and services, as well as efforts to
boost the foreign reserves balance of the Nation.
However, the implementation of these
command and control policies has achieved the complete opposite. These
policies have eroded the value of the Naira to its lowest point in our
history, while defeating the very objectives for which they were
designed in the first place.
As a result of the implementation of
these policies, Nigeria is suffering all the negative consequences of
devaluation while enjoying none of its benefits. The data available to
measure the relevant indices indicate that the policies are destroying
the Nigerian economy.
For instance, these indices formed the
basis for the recent comment by Frank Udemba Jacobs, President of the
Manufacturing Association of Nigeria (MAN), to the effect that 2016 was
the worst year for the manufacturing sector in Nigerian history.
Available data shows that more than
12000 manufacturing sector jobs were lost in 2016 alone with more than
50 factories closing down. Unsold goods inventory for the sector exceeds
N100 billion.
5.The effect is not just on the
manufacturing sector. The pharmaceutical sector is shedding thousands of
jobs and the prices of life saving medication have doubled and in many
cases tripled. An attached list of medication shows a minimum of 100%
increase in most cases.
The aviation sector is currently plagued
by high prices occasioned by scarcity of aviation fuel, Nigerians are
currently suffering under the effects of kerosene scarcity and virtually
any line of business that requires access to Forex is experiencing
difficulty in accessing Forex for its operations.
For the sake of brevity, we will not continue to repeat our woes economic woes here.
For the sake of brevity, we will not continue to repeat our woes economic woes here.
6.The policies of the Central Bank of
Nigeria (CBN) and the Buhari administration have created an opportunity
for arbitrage. As a result, a certain group of people access Forex at
dubious prices from CBN and sell at black market rates for a profit.
HRH Sanusi Lamido Sanusi, the Emir of
Kano and former Governor of CBN, alluded to these sharp practices in
August 2016 while speaking at the 15th Joint Planning Board &
National Council on Development Planning conference where he strongly
condemned these policies and how their effect of creating emergency
billionaires.
7.It is against this backdrop that we
have planned a peaceful procession to the CBN headquarters in Abuja to
speak against these harmful policies which have been designed to favour a
few people while destroying the businesses of the majority of
Nigerians.
8.The procession is solely to register
the displeasure of the vast majority of Nigerians regarding these
policies that cause severe pain and hardship across all sectors of the
Nigerian economy.
9.It is not sponsored by any
politicians. While its promoters may have their political affiliations,
the processions itself is not being done for any political objective
other than the improvement of the life and welfare of the average
Nigerian.
10.Should CBN be interested, several
credible Nigerians with proven track records of expertise and results
are willing to partner with it to chart a new course to immediately
ameliorate the negative consequences of these challenges and put the
Nigerian economy firmly of the path economic growth.
11.In this light, we call on well
meaning Nigerians to join us in front of the Women Development Centre on
Friday 13th January, 2017 by 09:00am. This location is directly
opposite the headquarters of the Central Bank.
12.We hope that this intervention would
mark the beginning of the implementation of new plans and policies to
uplift the lives of the Nigerian people.
God Bless Nigeria!
Sign Sign
Adeyanju Deji Adeoye Adelaja
Conveyer Co-Conveyer
Adeyanju Deji Adeoye Adelaja
Conveyer Co-Conveyer
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